• The multitude of data formats used in the market can mean inefficient data handling and administrative overload. Since its first release in 2012, the Standard Data Delivery Sheet (SDDS) has helped by providing a common reporting format for investment managers and investors to exchange information. This creates uniformity, transparency and operational efficiencies between both parties.​

    The sheet’s latest update, SDDS 4.0, is aligned with the latest industry developments and changing investor needs, to ensure it remains practical and useful in today’s market.​

    SDDS 4.0XLSX
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    SDDS 4.0 - User ManualPDF
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    SDDS 4.0 Change LogXLSX
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  • The ESG SDDS is a brand new ESG reporting template designed to standardise the disclosure and reporting of ESG Key Performance Indicators (KPIs) for real estate investment vehicles. The template includes machine-readable labels, making it easier to read and compare data, potentially streamlining the exchange of ESG information and paving the way for automation. ​

    This template was released in November 2023, in conjunction with the SDDS 4.0.

    ESG SDDSXLSX
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    ESG SDDS User ManualPDF
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    ESG MappingXLSX
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  • AUM: Basis of Disclosure ToolXLSX
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  • [Slides]-INREV Guidelines updatePDF
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    [Recording]-INREV Guidelines updateVIDEO
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  • ANREV Professional Standards Committee and PwC invited investment managers to a series of round table discussions, hosted in Hong Kong and Singapore, which provided opportunities for managers to discuss with their peers their views on the many challenges related to reporting under current market environment.

    Although 2022 saw most Asia Pacific markets—with the exception of China— begin to shake off the effects of regional COVID restrictions, as investors look to 2023 they find themselves confronted with a different, but no less dangerous, set of threats: high inflation, rising interest rates, unsustainable levels of public- and private-sector debt, and an impending global recession. Uncertainty in the market has also impacted transaction flows. With less recent comparables and market data available making valuation a potential challenge for this year-end.

    In previous years, members have expressed concerns about the availability of current market data, especially when the markets are turbulent, and there has been a perceived time lag developing between market movements, and external valuations, due to the period of comps used.

    Valuation of real estate assets - Reporting under uncertainty roundtable discussionPDF
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  • The INREV Due Diligence Questionnaire (DDQ) assists investors and consultants in the due diligence process to understand a fund manager’s structure, strategy and non-listed real estate business. It also gives insight in a specific vehicle’s strategy, risk processes, management, terms and projected performance. With it, investors can determine, in principle, whether a proposal fits their investment objectives.

    The INREV DDQ was updated in January 2023. New version reflects the feedback received from INREV members during a two-month consultation period.

    To help with the transition to the new DDQ an implementation kit is available and if you have any questions please contact [email protected]  

    Download the updated DDQ, implementation kit and change log below. 

    INREV DDQ 2023DOCX
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    INREV DDQ 2022 - Funds of Funds and Multi ManagerDOCX
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    INREV DDQ 2020 - Debt Vehicles DOCX
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    INREV DDQ 2018DOCX
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    INREV DDQ Implementation Kit 2023PDF
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    INREV Due Diligence Data Room Guidelines 2023XLSX
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    INREV Customer Due Diligence Guidance 2023PDF
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    INREV DDQ 2023 - ESG AppendixDOCX
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    INREV DDQ 2020 - Impact Investing AppendixDOCX
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    INREV DDQ 2020 - Debt Vehicles – Tax AppendixDOCX
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    INREV DDQ 2019 - Tax AppendixDOCX
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    INREV DDQ Change Log 2023PDF
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    INREV DDQ - FoF and MM – Change Log 2022DOCX
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    INREV DDQ - Debt Vehicles – Change Log 2020PDF
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    INREV DDQ 2023 - JapaneseDOCX
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  • First created in 2017 and launched as a dedicated survey covering North America in 2020, the Survey is an annual report tracking corporate practices and employee demographics on diversity, equity and inclusion for commercial real estate. In 2021, the Survey was expanded to incorporate Asia-Pacific and Europe. The Survey is produced by the industry associations and organizations ANREV, INREV, Ferguson Partners, NAREIM, NCREIF, PREA, REALPAC and ULI.

    The DEI Survey 2022 represents more than 357,041 full-time employees, $2.34 trillion of assets under management and a cross section of the commercial real estate industry in terms of size, region and business classification. The Survey, conducted between July and October 2022, brings together participation from 192 unique organizations who provided 210 submissions detailing their DEI practices in North America (81.4% of respondents), Europe (12.4%) and Asia-Pacific (6.2%).

    The Global Real Estate DEI Survey aggregates data on:

    • DEI program structure, resources and ownership
    • Policies focused on recruitment, retention, training and development, inclusivity, tracking and accountability and pay equity
    • Employee demographics by gender, race/ethnicity and nationality, across seniority and job function, as well as DEI hiring, promotion and departure trends year-over-year.
    Global Real Estate DEI Survey 2022 - Executive SummaryPDF
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    Global Real Estate DEI Survey 2022 - Press ReleasePDF
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  • ANREV and PwC are pleased to publish the Real Estate Fund Managers’ Benchmarking Survey 2021. This is the second time we publish this Survey after 2017. The Survey attracted participation of 31 funds managers, representing more than US$1 trillion of real estate assets under management globally.

    The publication gathers information about key industry operational trends and metrics of real estate fund managers with significant operations in Asia Pacific, including organisational information, governance, sustainability and risk management, administration, valuation, technology and operations, regulatory information and reporting.

    Key findings include:

    • Headcount: 42% of respondents report that they are expecting to increase headcount in 2022, indicating a positive outlook for Asia-Pacific business in 2022 and beyond.
    • Sustainability and climate risk: 90% of respondents have a formal policy on sustainability and climate risk and 19% of respondents says sustainability and climate risk can be a deal breaker when making investment decisions.
    • Investor reporting: 64% of respondents follow INREV Standards for investor reporting which is the highest amongst guidelines published by all industry associations.
    Real Estate Fund Managers’ Benchmarking Survey 2021PDF
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    Real Estate Fund Managers’ Benchmarking Survey 2021 - PresentationPDF
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  • Following the publication of the ‘Assets Under Management 2021’ paper which aimed to provide a clear overview of the main components considered by investment managers used to calculate AUM, we are pleased to announce the launch of an AUM basis of disclosure tool to help investment managers facilitate clear and transparent reporting of AUM components.

    The Global Standards Steering Committee (SSC) have developed this new excel based tool which includes drop down menus to specify how each of the AUM components is reported within the calculation. Once completed, the resulting amount of AUM can be reported with accompanying disclosures as deemed appropriate by the preparer.

    AUM Basis of Disclosure toolXLSX
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  • Another step for transparency: Further clarity around AUM

    Within the non-listed real estate industry, the definitions, calculations and uses of ‘Assets Under Management’ (AUM) vary significantly. As such, INREV, ANREV and NCREIF PREA Reporting Standards together with the Global Standards Steering Committee (SSC) have conducted a high level research to assess the current definition and use of AUM including calculation methods. The research results provide a clear overview of each component considered by investment managers used to calculate AUM and reflects the main differences in approach.

    As a next step, the SSC intend to release a disclosure tool to facilitate reporting of the main AUM component. 

    Assets Under Management (AUM) 2021PDF
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